Gulf countries cutting back oil production

The Gulf economies cut back oil production towards the end of last year against the backdrop of the weakening global economy. But while the hydrocarbon sector may be a drag on growth in 2013, it looks like this is being offset by the strength of domestic demand. Elsewhere, Egypt’s political situation has calmed down over the past few weeks but the deepening political crisis in Tunisia merely underlines how volatile North Africa’s politics are in the aftermath of the Arab Spring.